Trade of the Week: Rules of the Contest

Got a bet-the-farm trade idea that you think the rest of the FX hood ought to know? Why don’t you put your pips where your mouth is? Join the latest competition that will rock the world of currency trading! Ladies and gentlemen, I proudly present to you Forex Ninja’s Trade of the Week Contest!

What the heck is it?

This is a popularity-based contest wherein participants submit their trade ideas that will be voted on by the community. So yeah, winners will be determined by the number of votes that their trade ideas generate.

Oooh! Can I join?

Whether you’re fresh out of the School of Pipsology, a long-time veteran trader, or a monster, as long as you have a trade idea that you’re willing to share, you are eligible!

But of course, we all hate spammers, so here are a couple of things that you should take note of.

First, you have to have a forum account. Duh-uh? Second, you have to have had at least five (5) posts. If you still haven’t met the quota, there’s still time to make small talk and meet new friends! Lastly, you have to be awesome. I’m sure none of y’all will have any problem with that.

How will I know if I win?

Winning trade ideas will be featured in my weekly blog for everyone to see and possibly follow! Now ain’t that sweet? Heck, if you’re lucky, you may even get an all-expense paid date with Huck… or Cyclopip. Ha!

WAIT, I’m not yet done! Here are some rules and guidelines that you MUST adhere to:

1. Trade Details

To fill in readers on your brilliant trade idea, you’ll need to have the following details in your post:

A. Chart of the pair you are trading: Indicate the currency pair and timeframe

B. Long or Short:
Will you be buying or selling?

C. Entry Point: At what price will you enter the market?

D. Stop Loss: At what price will you cut losses?

E. Profit Target/s: At what price will you take profit?

F. Trade Explanation: Detail the rationale behind your trade and how you plan to manage it.

2. Chart Design

You’ll need to provide a clear screenshot of your trade idea. MT4 charts are preferred, but you can use any charting platform really. You may draw all the lines, circles, and arrows you need, just as long as it’s easy on the eyes. And please, no watermarks! Capiche?

Here’s an example of a nice, clear chart.

And here’s an example of a chart we don’t want to see!

3. Title of Trade Idea

The thread title should be in this format: XXX/XXX (Position)
Here’s an example of a thread title: EUR/USD (Long)

4. Where to Submit

Submitting is as easy as pie!

Step one: Click on the Forums tab and go to Readers’ Choice: Trade of the Week under Currency Spot.

Step two: Post your correctly-labeled trade idea as a subthread.
Eg. [TW] EUR/USD (Long)

Step three: Cross your fingers that people will like your trade idea.

Basically, you submit your entries by creating a thread under the Trade of the Week forum. That way, people will be able to discuss your awesome trade ideas! Just remember to label them according to the format I specified above by filling out the details on the template I made.

At the end of every submission period, I will collect all the ideas and post them on my blog so people can vote on them.

The submission period will start every MONDAY at 12:00 a.m. EST, remain open the whole trading week, and will close on FRIDAY, at 11:59 p.m. EST.

5. Voting Period

We’ll put up the poll right after the market’s close every Friday so you can cast your votes over the weekend. Polls will be open from 12:00 a.m. EST on Saturday to 11:59 p.m. EST on Sunday.

6. One Submission and one vote per person per week.

To be fair to all, each person will only be allowed to submit one trade idea per week. Also, voting will be limited to one vote per person. Those caught violating the voting limit (Boo, cheaters!) will be banned… FOREVER! And we’re gonna tell their mamas that they cheated, too!

Just so you guys have a clear understanding of what to do, I’mma put up a sample trade idea of my own!

You can also check the blogs of Cyclopip, Happy Pip, Huck, and Pipcrawler for sample trade ideas!

Hope to see everyone’s trade ideas! Good luck!

Here’s a template for you to refer to when submitting your trade ideas!

[B]Thread Title:[/B] XXX/XXX (Position)

[B]Currency Pair, Time Frame

Long or Short:
Entry Point:
Stop Loss:
Profit Target:
Trade Explanation:[/B]

Where is the trade of the week for 9 April 2012 to 13 April 2012?

what if you trade several individual trades in a row? In other words, the system you use does not have one specific entry/exit, but trades a basket of trades. If the screenshot reflects the entries and exit(s) on one (or 2) screenshots.